Industry News
Hackers steal $200K from gambling app
In an alarming blow to online gambling industry, hackers managed to pocket 40,000 EOS ($200,000) from the operating wallet of EOS gambling dApp. Interestingly the app declared itself the safest just a few days ago. It is believed that hackers exploited the security chinks in its smart contracts.
An EOSBet spokesperson said: “A few hours ago, we were attacked, and about 40,000 EOS was taken from our bankroll. This bug was not minor as was stated previously, and we are still doing forensics and piecing together what happened.”
EOSBet devs have since taken the dApp offline while they figure out exactly what happened. A spokesperson does admit that hackers were only successful due to a fault in its code.
“[EOSBet] should be back online relatively quickly. We have narrowed down the bug to a faulty assertion statement in our code.” the EOSBet spokesperson added. “After talking with other developers and BPs, it seems like other games were also attacked using this same exact code (abi forwarder.)”
It appears hackers were able to call EOSBet’s “transfer” function externally, using a fake hash. This tricked EOSBet’s system into illegitimately sending a huge amount of EOS. A keen-eyed Redditor was the first to share the discovery. Hard Fork has since corroborated the hack is indeed authentic.
Taking a look at the EOS blockchain, though, we can see some curious events. It seems scammers, inspired by Twitter’s cryptocurrency scambots, have invaded the EOS blockchain in order to take advantage of the current chaos.
Small amounts of EOS have been sent to the attacker’s account with some threatening messages attached. Using an account name very similar to the official EOSBet wallet, someone is sending seemingly official communication in a bid to appear legit:
Memo: Please refund the illegal income eos, otherwise we will hire a team of lawyers in China to pursue all criminal liability and losses to you. Eosbet official eos account: eosbetdicell.
Then, the fake account proceeds to offer a reimbursement service in order to capitalise on the developing situation. Scammers are attempting to trick users into believing that EOSBet is reimbursing customers for any funds stolen. At time of writing, EOSBet has made no such declarations.
Note, the official EOSBet account is “eosbetdice11”, not “eosbetdicell.” Pretty sneaky.
Another reads:
Memo: Dear players: In order to make up for the loss of eosbet players in the hacking incident, the platform launched a recharge to send BET. 1EOS=1BET, the official eos account: eosbetdicell, the transfer will automatically give the same BET.
It remains unclear if today’s breach is somehow connected to other unusual activity taking place on EOSBet in the past few days. Earlier this week, a lucky gambler claimed over $600,000 from EOSBet by doubling their money repeatedly over a 36 hour period.
For what it is worth, at the time, an EOSBet spokesperson was absolutely adamant that the platform had not been hacked and that all bets on the platform were legitimate, including that $600,000.
Source: TNW
Industry News
LiveScore Group Announces Internal Restructuring as Part of Sustainable Growth Strategy
LiveScore Group has announced an internal restructuring process, expected to impact more than 100 existing roles across multiple business locations, including London.
The changes are seen as a difficult yet important step for LiveScore Group, streamlining the business to create improved structures and a pathway to long-term sustainable growth. All impacted employees have been informed and are now subject to a confidential consultation process.
Sam Sadi, CEO of LiveScore Group, said: “On behalf of all Directors of LiveScore Group, and the relevant subsidiary companies, we are saddened by the difficult decision to commence an internal restructure of the business, a process which impacts a significant number of our people.
“Whilst we celebrate our recent period of significant and exciting growth, we must now future-proof the organisation and ensure our internal structures allow us to achieve long-term and sustainable success.
“This is a hard time for all our people, as we say goodbye to colleagues who have played an important role in our journey across recent years.”
The announcement follows on from the recent news that LiveScore Malta Limited (part of LiveScore Group) is to withdraw its LiveScore Bet brand from the Netherlands following recent government tax increases in the market. The announcement includes those impacted by this. There will be no other customer impact in respect of any of the remaining LiveScore, LiveScore Bet or Virgin Bet sites globally.
Industry News
Pronet Gaming Appoints Alex Karaoulis as its New Commercial & Product Strategy Lead
Pronet Gaming, an award-winning platform provider of full turnkey solutions, announced the appointment of Alexandros Karaoulis as its new Commercial & Product Strategy Lead.
With over 14 years of experience in the iGaming industry, Karaoulis brings a wealth of knowledge and expertise that will be instrumental in driving the company’s strategic initiatives forward.
Throughout his iGaming career, Karaoulis has held various senior roles with B2B sportsbook and casino providers, as well as with B2C operators. His extensive background in marketing and sales within the iGaming sector positions him as a true industry expert, ensuring that Pronet Gaming remains at the forefront of innovation in a rapidly evolving market.
“I am thrilled to join Pronet Gaming and excited to fulfill my role in developing and executing sales strategies to drive the company’s revenue growth in key markets,” Karaoulis said.
With a track record in commercial strategies and driving product excellence, Karaoulis’ appointment is invaluable as Pronet Gaming now seeks to expand its footprint to Asia. His vision and deep understanding of the iGaming landscape equip him to navigate the unique challenges and opportunities that the dynamic region presents.
“I want Pronet Gaming to lead the iGaming revolution by providing innovative, culturally tailored solutions that cater to the diverse and rapidly growing demands of the region. Through strategic partnerships, cutting-edge technology, and a deep understanding of local markets, we aim to empower operators to offer world-class gaming experiences that engage players and drive sustainable growth,” he added.
According to Karaoulis, Pronet Gaming is poised to make a splash in Asia by leveraging its advanced technology, flexible platform solutions and deep market expertise while adapting to the unique characteristics of the region.
“The key differentiation point of Pronet Gaming is that we have B2C experience, which greatly aids in understanding the needs of operators and helping them to improve and execute their strategy according to the market. I have worked in B2C roles for more than seven years in my iGaming Career and managed campaigns across various channels, optimised conversion funnels, and learned to use data to improve player acquisition and retention,” said Karaoulis.
Karaoulis acknowledges that the marketing skills he has acquired from B2C experience are valuable in every B2B environment. As he dives into his new role at Pronet Gaming, Karaoulis aims to guide his operator clients on how to better market their own sites, including providing them with advice on effective acquisition strategies, content marketing and campaign structures that appeal to iGaming audiences.
“I also focus heavily on engagement strategies, loyalty programs, bonuses, and personalised offers to keep players active and returning. In my new B2B role, I will advise clients on best practices for player engagement, helping them adopt effective loyalty programs, personalised marketing, and retention tactics that drive player lifetime value to improve the end-player experience for our clients’ sites,” Karaoulis added.
Industry News
Vbet Wins Best Online Casino Operator 2024 at SiGMA Europe 2024
Vbet has been crowned the Best Online Casino Operator 2024 at the highly coveted SiGMA Europe event, cementing its position as a leader in the online gaming industry.
This achievement highlights Vbet’s commitment to providing an exceptional user experience by combining cutting-edge technology with a vast range of options and a secure process. The dedication to creating a responsible, enjoyable environment for players was recognised with this award, making this accolade even more significant. As Vbet continue to expand into new markets, the list of strategic partnerships grows alongside our constant drive to expand its offering. This award serves as a stepping stone on its path to reach more players and set new standards in the industry.
Arman Khachatryan, VBET’s Managing Director, said: “We are incredibly proud to receive the Best Online Casino Operator award at SiGMA Europe 2024. This recognition is a testament to the hard work, passion, and effort of our entire team. Our mission has always been to deliver the highest quality experience in the safest environment possible to our users. This award not only recognizes our dedication to this mission but also motivates us to continue expanding into new markets and territories.”
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